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SEC Official Disagrees With The New Decision To Deny Winklevoss’ Bitcoin ETF

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SEC Official Disagrees With The New Decision To Deny Winklevoss’ Bitcoin ETF

The Securities and Exchange Commission (SEC) was in the news this week, mostly because of its decision to shut down the bid to bring the first Bitcoin ETF to a regulated US exchange, proposed by the well-known brothers in the crypto-world, the Winklevoss twins.

As a result of this action, Bitcoin stopped its bullish run and went under $8,000. The ruling was not only controversial among the crypto enthusiasts – it was also controversial for the SEC itself.

One of the SEC commissioners, named Hester M. Pierce, wrote a formal dissent about the decision, arguing that officials not only erred in denying the Winklevoss ETF – but they also exceeded the limited scope of the agency’s role in regulating the securities markets.

According to her:

“The Commission’s mission historically has been, and should continue to be, to ensure that investors have the information they need to make intelligent investment decisions and that the rules of the exchange are designed to provide transparency and prevent manipulation as market participants interact with each other. The Commission steps beyond this limited role when it focuses instead on the quality and characteristics of the markets underlying a product that an exchange seeks to list.”

Meanwhile, Peirce is a Trump administration appointee who took office in January 2018 and criticized the agency for engaging in “merit regulation”. According to her, it is not the SEC’s job to attempt to peer into the future of Bitcoin and cryptocurrencies. As she said:

“By precluding approval of cryptocurrency-based ETPs for the foreseeable future, the Commission is engaging in merit regulation. Bitcoin is a new phenomenon, and its long-term viability is uncertain. It may succeed; it may fail.

The Commission, however, is not well positioned to assess the likelihood of either outcome, for bitcoin or any other asset.”

Peirce alleged that the SEC’s concerns about Bitcoin mainly because of the underlying markets and the fact that they are always subject t manipulation. As she noted, other exchange-traded products (ETPs) have already been approved by the agency. However, the rules are not consistent with Bitcoin only.

Finally, she said that SEC’s decision will be harmful to investors rather than protecting them – mostly because of her opinion that it will deprive them of an opportunity to gain exposure on this nascent class in a regulated marketplace, stunting the cryptocurrency’s growth as an institutionalized asset.

“If we were to approve the ETP at issue here, investors could choose whether to buy it or avoid it. The Commission’s action today deprives investors of this choice. I reject the role of gatekeeper of innovation—a role very different from (and, indeed, inconsistent with) our mission of protecting investors, fostering capital formation, and facilitating fair, orderly, and efficient markets.

Accordingly, I dissent.” Peirce concluded.

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State Of Wyoming Introduces New Bill That Aims To Define Cryptocurrencies As Money

A new bill that is meant to clarify the process of classification of cryptocurrencies is in the crypto news today, introduced in the US state of Wyoming on January 18th, as the official state legislature website first reported.
The bill will place crypto assets in three categories:

digital consumer assets

digital securities and

virtual currencies

It will also define assets falling in any of these three categories as intangible personal property while granting cryptocurrencies the same treatment as fiat money. Aside from it, it authorises banks to "provide custodial services for digital assets consistent with this section upon providing sixty (60) days written notice to the commissioner.”
The legislation will also allow banks to serve as qualified custodians in accordance with the regulations put in place by the US Securities and Exchange Commission (SEC).
What's interesting is the fact that the state of Wyoming recently saw a surge in blockchain and crypto related legislation entering its legal system. According to some recent reports, a bill allowing corporations to issue blockchain-based tokens that represent stocks was introduced a couple of days ago.
On a wider note, the state of Wyoming has passed two new house bills that aim to foster a new regulatory environment that is geared towards cryptocurrency and blockchain innovation.

South Africa Doesn’t Intend On Banning Crypto Trading

A consultation paper was issued by the South African Reserve Bank, showing the potential risks and benefits of cryptocurrencies and according to the official statement reaching in our crypto news, the paper was developed with the help of multiple government agencies.
The document is titled ‘’Consultation Paper on Policy Proposals For Crypto Assets’’ and there you can see that the South African government makes clear that it doesn’t have a plan to ban cryptocurrencies or crypto trading for that matter.
The paper proposes that all of the crypto trading platforms and payment service providers including crypto ATMs should register with the Intergovernmental FinTech Working Group that was established by the South African Government in order to foster fintech innovation.
All of the crypto-related businesses will be obliged to comply with the Anti-Money Laundering and Counter-Terrorism Financing requirements. Also, major state agencies such as the Financial Intelligence Center, Nationa Treasury, South African Revenue Service and the Central Bank of South Africa worked together to develop the consultation paper.
The document will be opened to the public by the middle of February 2019.
Back in January, the South African government launched a regulatory group that was only dedicated to blockchain and cryptocurrencies. We are waiting for the group to release a final research paper somewhere in the middle of 2019 according to the Minister of Finance Tito Mboweni.
The Reserve Bank of South Africa also pointed out that it tested successfully the Proof-of-Concept that they are going to use in their interbank payment system using an Ethereum-based private blockchain.

Crypto Exchanges In Bulgaria Are Investigated: Government Asks For 10% On Profits

In today's crypto news, the government of Bulgaria is starting to investigate crypto exchanges to demand taxes from the profits that investors generated from trading digital assets such as Bitcoin and other altcoins. The National Revenue Agency (NRA) of Bulgaria has categorized cryptocurrencies as financial assets which incur a 10% tax on profit that individuals have to disclose on an annual basis.
The main problem, however, with NRA's regulation of cryptocurrencies using the same policies is that it does not take into account the volatility of the emerging class. Meanwhile, cryptocurrencies are still in their infancy stage and the dominant digital assets such as Bitcoin and Ethereum still demonstrate daily moves from 5% to 15%.
Obviously, if an investor in Bulgaria is required to declare his profits on taxes on an annual basis, the decreasing price of Bitcoin could turn in a large negative return for the investor.
Bulgarian authorities are now considering crypto assets to be anonymous and have already said that by doing that, it will be easy for investors to evade taxes in the crypto market. With the Know Your Customer (KYC) and Anti-Money Laundering (AML) systems integrated by all the local exchanges, however, it will be difficult to hide or confine any transactions from the authorities.

Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity

Digibank, India’s first digital bank started closing accounts that allegedly were involved in crypto-related activities after a claim made on Twitter reached our crypto news today.
The Twitter user ‘’IndianCryptoGirl’’ posted about this on January 14 but has also taken to the social media platform plenty details of the anti-crypto restrictions that were imposed on all of the account holders in India’s second largest bank Kotak Mahindra Bank.
Both banks imposed strict measures related to the prohibition on domestic banks dealing with crypto businesses which were first announced by the central bank of India last July.
According to the IndianCryptoGirl tweet, Digibank is a multinational financial services company which froze multiple accounts on its platform after it detected transactions from entities identified to be virtual currency traders or brokers. The Twitter user clarified:

“I've been a user of DBS' Digibank for a year. Although I regularly used Kotak Mahindra Bank for my cryptocurrency transactions, I used Digibank only 7 times throughout the year. On January 14th, I received multiple messages from my twitter [sic] followers regarding an account closure notice by Digibank. I checked my mailbox and found the mail myself.”

However, Digibank stated:

“Reserve Bank of India through their public notices have warned/advised the public regarding risks associated with virtual currencies. We reiterated the same vide our emails dated 4th May 2018 and 2nd Aug 2019, cautioning our account holders [against] the risks associated [...] and that DBS accounts and debit cards should not be used for their purchase or any kind of dealings.”

Many other users responded to the allegations that not only Digibank but many other banks are doing the same as well.